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Wall Street had more topsy-turvy times last week. On Monday the major banks raised the benchmark prune interest rate they charge many business clients a half point to 19.5%. Immediately the Dow Jones industrial stock average fell 13 points to 963, continuing its drop of 61 points in less than a month. But later in the week the Dow rallied 23 points to close at 986. Bond prices, which had plunged some 7.5% since the end of March, also slumped on Monday but came back to finish up about 2% for the week...
...relishes making dramatic speeches to packed audiences of edgy moneymen. When he furrows his brow and speaks in slow, solemn tones, the markets often quake. Early last year he told a group of bankers that the U.S. was "lurching toward a national economic emergency." That same day the Dow Jones index dropped 18 points. One day last week bond prices rallied, in part on the rumor that Kaufman was turning optimistic, only to lose momentum when the story proved to be false. Kaufman believes in personal as well as financial discipline: he has no hobbies and rises regularly...
Laudable though these goals may be, the Fed's action was not joyously welcomed on Wall Street, where investors have much the same attitude toward escalating interest rates as W.C. Fields had toward children and small animals. The day of the discount rate hike, the Dow Jones industrial average plunged 16 points; the next day it lost another 7. There was some recovery as the week wore on, and the Dow closed Friday at 976.40, still well below its high this year of 1024, set only a few days before the discouraging money-supply report...
MARRIED. Joseph Granville, 58, flamboyant Wall Street analyst and publisher of the Granville Market Letter (circ. 13,000), whose investment advice in January to "sell everything" was followed by a 23.80-point plunge in the Dow Jones average; and Karen Erickson, 38, a commercial artist; he for the third time, she for the first; in Kansas City...
...shareholder resolution advocating restrictions on IBM sales to the South African government, a few optimists may have seen hints of change in the action. But the Corporation's statement on its IBM vote and its string of abstentions last week--on resolutions at Mobil, Atlantic Richfield, Exxon and Dow Chemical--quickly and effectively demonstrated that the Corporation continues to refuse to challenge the status...